XYZ Co. has provided the following data for the month of June. There were no beginning inventories; consequently, the direct .materials, direct labor, and manufacturing overhead applied listed below are all for the current month Work In Cost of Goods Sold Finished Goods Process 61,880 OMR 8,450 OMR 3,440 OMR Direct materials 119,000 OMR16,250 OMR 6,160 OMR Direct labor Manufacturing overhead applied 45,000 OMR 6,050 OMR 3,300 OMR Manufacturing overhead for the month was underapplied by OMR 7,000 The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts The cost of goods sold for June after allocation of any underapplied or overapplied manufacturing overhead for the month is (rounded : to nearest OMR) None of the given answer is correct a O OMR 231,676.b O OMR 232,293 .cO OMR 220,084 d O OMR 220,720 .e O

XYZ Co. has provided the following data for the month of June. There were no beginning inventories; consequently, the direct .materials, direct labor, and manufacturing overhead applied listed below are all for the current month Work In Cost of Goods Sold Finished Goods Process 61,880 OMR 8,450 OMR 3,440 OMR Direct materials 119,000 OMR16,250 OMR 6,160 OMR Direct labor Manufacturing overhead applied 45,000 OMR 6,050 OMR 3,300 OMR Manufacturing overhead for the month was underapplied by OMR 7,000 The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts The cost of goods sold for June after allocation of any underapplied or overapplied manufacturing overhead for the month is (rounded : to nearest OMR) None of the given answer is correct a O OMR 231,676.b O OMR 232,293 .cO OMR 220,084 d O OMR 220,720 .e O

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jackson Company had the following information for the year Direct materials used $299,900 Direct labor incurred (9,000 hours) Actual manufacturing overhead incurred $246,500 $343,500 Jackson Company used a predetermined overhead rate using estimated overhead of $411,600 and 8,400 estimated diredt laber hours Assume the only Inventory balance Is an ending Finished Goods balance of $19,100. How much overhead was applied during the year?
XYZ Co. has provided the following data for the month of June. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Process Finished Goods Cost of Goods Sold Direct materials OMR 3,440 OMR 8,450 OMR 61,880 Direct labor OMR 6,160 OMR 16,25OOMR 119,000 Manufacturing overhead applied OMR 3,300 OMR 6,050 OMR 45,000 Manufacturing overhead for the month was underapplied by OMR 7,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The cost of goods sold for June after allocation of any underapplied or overapplied manufacturing overhead for the month is (rounded to nearest OMR) : OMR 220.084 Ob. OMR 220,720 OMR 231.676 O d. None of the given answer is correct Oe. OMR 232.293
Centore Incorporated has provided the following data for the month of June. There were no beginning inventories; consequently. direct labor, and manufacturing overhead applied listed below are all for the current month. Direct materialn Direct labor Manufacturing overhead applied Total Multiple Choice Work In Finished Process Goods Total S 650 $ 7,590 $ 24,860 $ 33,100 2,180 20,700 67,800 90,680 930 7,130 22,940 31,000 $3,760 $35,420 $115,600 $154,780 Manufacturing overhead for the month was underapplied by $3,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods the end of the month on the basis of the overhead applied during the month in those accounts. The Journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for June would in debit to Cost of Goods Sold of $2.220 Cost of Goods Sold debit to Cost of Goods Sold of $115,600 credit to Cost of Goods Sold of $2,220
XYZ Co. has provided the following data for the month of June. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Cost of Goods Process Finished Goods Sold Direct materials OMR 3,440OMR 8,450 OMR 61,880 Direct labor OMR 6,160OMR 16,250OMR 119,000 Manufacturing overhead applied OMR 3,300OMR 6,050 OMR 45,650 Manufacturing overhead for the month was overapplied by OMR 7,000. The company allocates any underapplied or overapplied W
GrandSlam Incorporated incurred the following costs during March: Selling expenses Direct labor Manufacturing overhead, actual Interest expense Raw materials used Administrative expenses $ 156,300 280,000 41,900 163,800 497,000 116, 200 During the month, 19,200 units of product were manufactured and 11,100 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process. Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month was $1,047,000 and the company's effective income tax rate was 35%.
debit to Work in Process of $660 credit to Work in Process of $660 debit to Work in Process of $31,980 credit to Work in Process of $31,980
The company uses a perpetual inventory system and has a highly labour-intensive production process, so it assigns manufacturing overhead based on direct labour cost. The predetermined overhead rate was computed from the following data: Total estimated factory overhead $2,400,000 Total estimated direct labour cost $2,000,000 The WIP account given below relates to the activities for the month of June: WIP Inventory A/C June 1 Balance b/f $15,000 Direct Materials Used 123,000 Additional data: ▪ Total material requisitioned ………………………………… $153,000 ▪ Manufacturing Labour Costs incurred …………………. $163,500 (75% represents direct labour) ▪ Other manufacturing overheads incurred …………... $94,275 ▪ Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a margin of 33 1/3% on sales.
h
Khan Inc. has provided the following data for the month of April. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work in Process Finished Goods Cost of Goods Sold Total Direct materials 5,640 7,540 72,460 85,640 Direct labor 5,430 13,780 80,220 99,430 Manufacturing overhead applied 4,990 8,400 56,700 70,000 Total 16,060 29,720 209,380 255,070 Manufacturing overhead for the month was overapplied by Rs. 6,000.The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.The cost of goods sold for April after allocation of overapplied manufacturing is?
The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials Work in process Finished goods April 30 Inventory balances Raw materials Work in process Finished goods During Aprii Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $124, 000 118, 500 77, 300 $ 85,000 145, 000 80, 500 $119, 800 100, 700 61, 700 354, 000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement.
A
Reith Incorporated has provided the following data for the month of November. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Direct materials Direct labor Manufacturing overhead applied Total Cost of Work In Finished Goods Sold Total Process Goods $1,850 $10,440 $ 58,560 $ 70,850 3,510 153,010 22,620 126,880 7,800 42,640 1,560 52,000 $6,920 $40,860 $228,080 $275,860 Manufacturing overhead for the month was overapplied by $4,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. The cost of goods sold for November after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to: